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First Time Home Buyer Loans in Houston Texas

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Mortgage and Lending with SMP Mortgage, Inc. NMLS# 130562 NMLS# 220593

First Time Home Buyer Loans in Houston Texas

If you are a First Time Home Buyer in Houston Texas, there are many mortgage loan programs available just for you.

In order to qualify for first time home buyer loans, you must meet the definition of a first-time buyer as a mortgage lender will see it.  This just means that you have not owned a home at any time in the last 3 years.  Even if you owned a home prior to that, your lender will still consider you a first-time homebuyer.

Here are some of the most common First Time Home Buyer Loans in Houston, Texas. The common features of these programs are low or no down payment requirements and easier qualifying standards.  There are also many grants and assistance available (see below).

FHA Loans:  FHA is one of the most common first time home buyer loans today. FHA loans offer a low 3.5% down payment requirement, and easier qualifying standards than other types of loans.

FHA is the only program that allows for a family member to co-sign if they are not occupying the home, meaning if you need the help of a co-signer, FHA is the program for you.

There is also the advantage of low mortgage rates on FHA Loans, however, FHA carries higher mortgage insurance rates than other types of loan programs. You must also be 2 years out of a bankruptcy and 3 years out of a foreclosure to qualify for an FHA loan.  Learn more about this popular program at the FHA website (hud.gov).

Conventional Loans:  If you have a slightly larger down payment, and good credit, you may qualify for a conventional loan.  Conventional loans require a 5% down payment and have stricter qualifying standards than other types of first time home buyer loans.  Conventional rates are also slightly higher than FHA rates, but the mortgage insurance rates are so much lower that it is a good choice if you can qualify.

VA Loans:  Like FHA loans, VA mortgage loans offer easier qualifying standards and low rates, and are designed for active duty and retired military personnel.  VA, however, has the advantage of no down payment requirement and no monthly mortgage insurance, making for an extremely low payment.

USDA Loans: USDA is another popular first time home buyer loan, but is only available in rural areas.  USDA has low rates, low mortgage insurance, and no down payment requirement.  

Grants and Assistance:  There are many first time home buyer grants and down payment assistance programs available.  Whether it is tax credits or help with your down payment, you will save thousands, and we can help you determine which of these programs you will qualify for.  Most down payment and grant programs are designed exclusively for first time home buyers and you must meet other qualifying standards, typically income limits for your county.

One of the first steps to obtaining First Time Home Buyer Loans in Houston Texas is to get pre-approved.  It is very important to work with a lender who knows the first time home buyer programs, and can help you understand the home buying process.

Call us in the office with your questions, we will give you honest answers and straight talk about first time home buyer loans.  You can reach Richard Smith at  (281) 994-4240 , richardsmith@leader1.com or visit our website HERE.

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